Thermoformed Food Packaging Trays Market Size and Trends

Thermoformed Food Packaging Trays Market Revenue 2023 – 2034

From 2023 to 2034, the global thermoformed food packaging trays market is set for a massive revenue upswing, with projections of growth reaching hundreds of millions of dollars.

The key players operating in the market are focused on adopting inorganic growth strategies like acquisition and merger to develop advance technology for manufacturing thermoformed food packaging trays which is estimated to drive the global thermoformed food packaging trays market over the forecast period.

Major Key Insights of the Thermoformed Food Packaging Trays Market

• Asia Pacific dominated the thermoformed food packaging trays market in 2023.
• By type, thermoformed plastic trays segment is expected to grow at significant rate during the forecast period.
• By application, ready-to-eat food segment dominated the thermoformed food packaging trays market in 2023.

Thermoformed Food Packaging Trays Market Overview

A thermoformed food packaging tray is a type of container made from plastic that is shaped using a process called thermoforming. In this process, plastic sheets are heated until they become pliable, then molded into specific shapes, such as trays, by using a mold. These trays are commonly used for packaging food items, offering benefits like lightweight design, moisture resistance, and the ability to be sealed for freshness. They are often used for items like fruits, vegetables, ready meals, and deli products.

The thermoformed food packaging tray allows for various shapes, sizes, and features to meet specific packaging needs. It is generally more economical for producing large volumes compared to other methods like injection moulding. The thermoformed food packaging tray reduces environmental impact and shipping costs. Thermoformed food packaging trays play a vital role in modern food distribution, providing convenience, safety, and efficiency. With ongoing advancements in materials and technology, the industry continues to evolve towards more sustainable practices while meeting consumer needs. The global packaging industry size is estimated to grow from USD 1.20 trillion in 2022 to reach an estimated USD 1.58 trillion by 2032, growing at a 3.16% CAGR between 2023 and 2032.

Market Driver

E-commerce Expansion to Boost Market

Busy lifestyles and the demand for convenience have made online food ordering increasingly popular, allowing customers to order from anywhere at any time. A wide range of cuisines and restaurant choices available online attracts customers looking for variety and new dining experiences. The growth of online food delivery services increases the demand for secure and efficient packaging that can withstand transportation while preserving product integrity. Rising trend of the inline food ordering has increased the demand for the thermoformed food packaging tray, which is estimated to drive the growth of the thermoformed food packaging trays market in the near future.

Attractive deals, discounts, and loyalty programs offered by food delivery platforms encourage more customers to use online services. Widespread use of smartphones and mobile apps facilitates easy access to food delivery services, enhancing user experience. The use of social media for promotions and engagement helps restaurants reach new customers and encourage online orders. The online food service sector in India is estimated to double in size by 2030, with online food delivery app contributing 20% to the overall market.

Top 5 Factors Driving Thermoformed Food Packaging Trays Market:

• The key players operating in the market are focused on geographic expansion and launching their food brand in other countries which is expected to drive the growth of the thermoformed food packaging trays market in the near future.
• Increasing focus on cost reduction and production efficiency can drive the specialty market growth further.
• Emerging markets and trends for thermoformed food packaging trays is expected to drive the growth of the global thermoformed food packaging trays market over the forecast period.
• Increasing regulatory support is estimated to drive the growth of the market over the forecast period.
• Increasing in adoption of the advanced technology for the production of thermoformed food packaging trays is estimated to drive the growth of the global thermoformed food packaging trays market in the near future.

Market Trends

Sustainability

The environmental impact of thermoformed trays is an important consideration. Many materials used are recyclable, but recycling rates can vary. Innovations in biodegradable materials and compostable alternatives are being explored to enhance sustainability. Additionally, reducing plastic use through thinner designs and encouraging recycling can help mitigate environmental concerns.

Emerging Key Players

The key players operating in the market are focused on geographic expansion and launching their food brand in other countries which is expected to drive the growth of the thermoformed food packaging trays market in the near future.

Regulations

Stringent food safety regulations necessitate high-quality packaging that ensures hygiene and reduces contamination risk, driving the adoption of thermoformed trays.

The ability to create customized and visually appealing packaging helps food brands differentiate themselves, encouraging the use of thermoformed solutions, which is estimated to drive the growth of the thermoformed food packaging trays market in the near future.

Market Opportunity

Increasing Launch of Advanced Technology

Innovations in thermoforming technology, including improved production efficiency and material properties, are enhancing the capabilities of packaging solutions. The key players operating in the market are focused on launching the new machine technology for manufacturing thermoformed food packaging, which is estimated to create lucrative opportunity for the growth of the thermoformed food packaging trays market in the near future.

• For instance, in March 2024, GEA Group, food and pharmaceutical sector packaging company, uneviled the introduction of the thermoforming packaging technology namely GEA PowerPak.50 SKIN thermoforming packaging system with modular design that allows a choice of labeling, feeding, and end-of-line equipment.

Market Challenges

Competition from Alternative Materials

The key players operating in the market face several challenges while manufacturing thermoformed food packaging tray which restrict the growth of the thermoformed food packaging trays market. The rise of biodegradable and compostable packaging alternatives can limit the market share of traditional thermoformed plastics.  Some thermoforming processes may be less adaptable to new materials or innovations, restricting the ability to meet evolving consumer demands. Increasing scrutiny over plastic use and waste management poses challenges, as consumers and regulators push for more sustainable packaging options. Although some thermoformed materials are recyclable, low recycling rates and limited facilities can deter consumers and companies from choosing these options. Shifting consumer preferences toward more sustainable or innovative packaging solutions can pose challenges for traditional thermoformed products.

Asia Pacific’s Well Developed Food Industry: Dominance to Sustain

Asia Pacific region is anticipated to grow at the fastest rate in the thermoformed food packaging trays market during the forecast period. Increasing urbanization in Asia Pacific region leads to changing lifestyles and higher demand for convenient and ready-to-eat food options, driving the need for effective packaging. An expanding middle-class population in Asia Pacific region with rising disposable incomes boosts demand for diverse food products and packaging solutions. Increasing awareness of food safety and hygiene regulations prompts the use of high-quality packaging solutions to protect food products. A cultural shift towards convenience foods, especially among younger consumers, fuels demand for ready-to-eat meals packaged in thermoformed trays. The region's rich and varied culinary traditions create demand for customized packaging solutions that cater to different food types and presentation styles.

North America’s Rapid Industrialization: Region to Grow at a Rapid Pace

North America region dominated the global thermoformed food packaging trays market in 2023. Growing consumer awareness and regulatory pressure regarding environmental issues encourage the use of recyclable and sustainable packaging materials, leading to innovations in thermoformed products. Innovations in thermoforming processes by the key players operating in North America region to improve production efficiency and enable the development of more sophisticated packaging designs. Strict food safety standards in North America drive the demand for high-quality, hygienic packaging solutions that thermoformed trays provide.

Thermoformed Plastic Trays Segment to Lead the Market in 2023

The thermoformed plastic trays segment held a dominant presence in the thermoformed food packaging trays market in 2023. The thermoformed plastic trays provide a strong barrier against moisture, contaminants, and physical damage, helping to preserve food quality and safety.

Thermoforming allows for a variety of shapes and sizes, enabling tailored packaging solutions for different food products. Their lightweight nature reduces shipping costs and minimizes environmental impact compared to heavier materials.

Thermoformed plastic trays are often more economical to produce in large quantities, benefiting manufacturers and consumers alike. Many thermoformed plastic trays are designed for compatibility with microwave and oven use, providing convenience for consumers. Their design often allows for easy stacking, storing, and transportation, improving logistical efficiency. Thermoformed plastic trays can be easily sealed with lids or films, enhancing product shelf life and reducing spoilage.

Ready-to-eat Food Segment to Show Significant Growth in 2023

The ready-to-eat food segment accounted for a significant share of the thermoformed food packaging trays market in 2023. Increasing urbanization and work commitments lead consumers to seek convenient meal options that save time on preparation and cooking. The COVID-19 pandemic accelerated the shift towards home dining and increased demand for packaged meals that can be enjoyed safely at home. Many thermoformed materials are suitable for microwave use, allowing consumers of ready-to-eat food to heat their meals quickly and conveniently. Increasing launch of the new healthy ready-to-eat food items in the market has driven the demand of it. Many consumers prefer ready-to-eat meals that are healthy, allowing them to maintain a balanced diet without the hassle of cooking.

New Advancements in Thermoformed Food Packaging Trays Industry

• In September 2024, Sonoco Products Company, packaging company, initiated a strategic review process has been initiated to investigate potential alternatives for its Thermoformed & Flexible Packaging (TP) division. The objectives of this action are to enhance leverage, simplify Sonoco's business, and raise shareholder value. TP supplies goods to a wide range of clients in the food, retail, and medical industries as part of the company's Consumer Packaging segment.
• In November 2023, VTT Technical Research Centre of Finland, uneviled the introduction of the cellulose-based alternative to polypropylene food packaging. The VTT Technical Research Centre in Helsinki, Finland, has successfully piloted the thermoforming of cellulose-based foam into hard three-dimensional packaging. It provides a sustainable substitute for food trays made of polypropylene (PP). The unparalleled extensibility of the cellulose-based material allows for the production of a variety of cardboard-like packaging that was before unreachable and deeper packaging than is possible with other fiber-based materials. Lappeenranta-Lahti University of Technology (LUT) and Gruppo X di X Gruppo collaborated on the project, and VTT operated the cellulose-based material on an industrial packaging line at LUT.

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Thermoformed Food Packaging Trays Market Companies

• Pactiv Evergreen
• Huhtamaki
• Berry Global
• Sonoco
• Amcor
• Anchor Packaging
• Sabert
• Grupo Lantero
• Hot Form
• Placon
• Lindar Corp
• CTCI Production
• C-P Flexible Packaging
• EasyPak
• Golden West Packaging
• Charpak
• Jamestown Plastics
• Mannok Pack
• Form Plastics

Thermoformed Food Packaging Trays Market Segments

By Type

• Thermoformed Plastic Trays
• Thermoformed Virgin Fiber Pulp Trays
• Others

By Application

• Ready-to-eat Food
• Fresh Food
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait